The company reports that it has promoted Joe Parsons, the president and chief executive officer of GE Capital Equity, to president of GE Capital Real Estate's North American Equity Holdings business. Parsons will be responsible for the company's new Security Capital unit and the existing Strategic Ventures and Leveraged Equity platforms. The Security Capital unit will be formed pending approvals and closing of GE Capital Real Estate's proposed $5.3 billion acquisition of Security Capital Group.

GE Capital Real Estate officials also note that senior vice president Mike Rowan, who took on the leadership of the firm's Specialized Industries business when GE Capital acquired Heller Financial in the fall of 2001, will continue in that role. Last year, GE Capital Corp., acquired Heller Financial and Heller's real estate operations were later spun off into GE Capital Real Estate. Both Parsons and Rowan will report to GE Capital Real Estate president and chief executive officer Michael Pralle.

A spokesman for GE Capital Real Estate notes that the firm has yet to announce its selection of a leader for the North American Debt unit, which will be comprised of GE Capital Real Estate's principal business, institutional accounts, distributions and Hawaiian business units. A selection could be announced within the week, the spokesman says.